Would a US impasse really be that bad?
- Thread starter Machjo
- Start date
I don't believe there is such a thing as forethought when it comes to a politician. The can't really see beyond the next potential election campaign, much less the future.
These things don't spring up overnight. When things are going fairly well for the citizens of a nation (and this applies to Canada as well, imho) there is less tendency to pay real close attention to what the politicians are really doing. So you end up with a bunch of people who, for the most part, are only concerned about the immediate time frame and the people who actually do care about the future become complacent.
That's just my take on it.
These things don't spring up overnight. When things are going fairly well for the citizens of a nation (and this applies to Canada as well, imho) there is less tendency to pay real close attention to what the politicians are really doing. So you end up with a bunch of people who, for the most part, are only concerned about the immediate time frame and the people who actually do care about the future become complacent.
That's just my take on it.
If industry or banking needs money again I guess it is sink or swim for them now if there is no way to go deeper.
The problem with spending cuts is the the population feel they have "entitlements" and god help anyone who wants to take them away. Unions are a good example, especially in the States - thats what the Wisconsin thing that happened a little while back was all about. Most of the States are either bankrupt or close to being bankrupt but no one wants to "give up" anything. It's a "me me me" thing and not what is good for the whole of the state/country.
I also agree with a previous post that these yahoo (politicians) are only looking 2 or 3 (maybe less) years down the road rather than looking a long-term solutions that may hurt in the short-term but be beneficial to everyone in the long-term. Again, the "me" thing. It's mortifying and it affects everyone, not just in the US. I suggest that everyone be "prepared" for the worst and hope for the best. Pay down any debt as quickly as possible; store food and have cash at the ready - it's gonna be a roller-coaster ride!
JMHO
I also agree with a previous post that these yahoo (politicians) are only looking 2 or 3 (maybe less) years down the road rather than looking a long-term solutions that may hurt in the short-term but be beneficial to everyone in the long-term. Again, the "me" thing. It's mortifying and it affects everyone, not just in the US. I suggest that everyone be "prepared" for the worst and hope for the best. Pay down any debt as quickly as possible; store food and have cash at the ready - it's gonna be a roller-coaster ride!
JMHO
Lowering tax rates and cutting spending is the only way out. People can't and won't spend when over taxed and business can't invest when taxes are high and no-one is spending.
A summary of the debt ceiling compromise
The House on Monday approved a compromise deal to raise the debt limit in a 269-161. The bill, which was brokered Sunday night in last-minute negotiations between the White House and congressional leaders, passed with the support of 174 Republicans and 95 Democrats.
Below is a summary of the major provisions of the debt ceiling deal reached by congressional leaders and the White House on Sunday , passed the House of Representatives on Monday evening and headed to the Senate for debate and a vote on Tuesday.
Debt ceiling deal clears House; Senate next
Boehner: I got 98 percent of what I wanted
CBSNews.com special report: America's debt battle
Highlights:
Apparently Democracy is dead if a 12 member commitee can decide whatever the hell they want....if they can't, it's automatic hack and slash? WOW. What a GREAT deal for the American people.
The House on Monday approved a compromise deal to raise the debt limit in a 269-161. The bill, which was brokered Sunday night in last-minute negotiations between the White House and congressional leaders, passed with the support of 174 Republicans and 95 Democrats.
Below is a summary of the major provisions of the debt ceiling deal reached by congressional leaders and the White House on Sunday , passed the House of Representatives on Monday evening and headed to the Senate for debate and a vote on Tuesday.
Debt ceiling deal clears House; Senate next
Boehner: I got 98 percent of what I wanted
CBSNews.com special report: America's debt battle
Highlights:
- The compromise allows debt ceiling increase by as much as $2.4 trillion dollars in total. Included is an immediate increase of $400 billion dollars. President Obama would be permitted to request another $500 billion increase in the coming months, which Congress could vote to disallow by a veto proof two-thirds margin. A further increase of between $1.2 trillion and $1.5 trillion would be available after a special committee identifies matching levels of additional spending cuts.
- The agreement calls for cuts of more than $900 billion over ten years in spending from programs, agencies and day-to-day spending. It would include security-related and non-security-related cuts. According to the Congressional Budget Office, "discretionary" spending would be decreased by $21 billion in 2012 and $42 billion in 2013.
- The agreement creates a 12-person House and Senate special committee to identify further spending cuts. The committee must complete its work by Thanksgiving - November 23 - and Congress must hold an up or down vote on the committee recommendations by December 23. The committee could overhaul the tax code or find savings in benefit programs like Medicaid, Medicare or Social Security. Congress could not modify the committee's recommendation.
- Should the special committee deadlock or should Congress reject the committee's recommendations, then automatic across the board spending cuts of at least $1.2 trillion would go into effect.
- The agreement requires that the House of Representatives and the Senate vote on a Balanced Budget Amendment to the Constitution, although its passage is not guaranteed.
- The deal also includes changes to Pell Grants and student loan programs. Pell Grants will receive a $17 billion increase for low-income college students, which will be financed by the elimination of subsidized student loans for most graduate students.
- The compromise does not include any immediate revenue additions or tax increases.
Apparently Democracy is dead if a 12 member commitee can decide whatever the hell they want....if they can't, it's automatic hack and slash? WOW. What a GREAT deal for the American people.
Hope so. That is the way a democracy works, you pick people who you trust to make the big decisions and then keep your mouth shut until the next election day. :lol:
Do you want to go through this again? I mean just like your Parliment, It is just a small group of people representing the citizenry.
You must know that we have to cut back on the size of government here in the US and cut back on spending. That is what this group is going to do. They do not have ruling powers. They cannot overule the President, Supreme Court, and the Congress.
Kinda like how they stopped Obama engaging in Libya? At least Bush went to Congress.
That is a Presidential power. Bush did go to Congress but he could have gone into Iraq without Congress.
This is one of those silent wars Petros. The Anti-War Movement relies on the liberal base of the population. The liberal base is firmly in Obama's corner. Democrats are free to bomb without the threat of massive protests... just like Clinton and Yugoslavia.
